The nano- and microsatellite market's growth is driven by price reductions and and investments from Silicon Valley. (NASA/ARC/Christopher Beasley)

The nano- and microsatellite market will grow to $1.9 billion by 2019, according to a forecast by market research firm ASDReports. This reflects a compound annual growth rate of 21.8 percent from the $702 million market in 2014.

Asia Pacific is expected to become the largest market, surpassing North America by 2019. "The major forces driving this market are price reduction, increasing demand, investments from Silicon Valley, better mission launches and continual decrease in average satellite mass," according to the study.

Satellites for Earth observation and remote sensing, space science and academic training will see high rates of growth. The report names Lockheed Martin, Northrop Grumman, Raytheon, Surrey Satellite Technologies and Sierra Nevada Corp as manufacturers that will have a strong presence in the market.